The draft legislative proposal is aimed at helping Cyprus implement Pillar Two global minimum tax rules.Comments on the draft proposal may be submitted through 31 October 2023.The law will be effective for accounting periods beginning on or after 31 December 2023 in relation to the Income Inclusion Rule and for accounting periods beginning on or after 31 December 2024 in relation to the Undertaxed Profits Rule.IntroductionOn 3 October 2023, the Ministry of Finance of Cyprus issued a draft legislative proposal entitled The Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the...